Discuss Types of Marketing Decisions

Different Types of Marketing Decisions

A marketing manager has to take many marketing decisions to operate the day-to-day activities of a business organization. The purpose of these marketing decisions is to achieve the pre-determined marketing objectives of an organization. There are four areas or  aspects, which always kept in mind, when a marketing manager intends to make different sorts of marketing plans for different products and services. Includes:

  1. Product
  2. Price
  3. Place (Distribution)
  4. Promotion
In the 60's, the terminology “marketing mix” became more familiarize. There are certain activities that are included as the elements of marketing mix like product planning, branding, pricing, distribution channel, packaging, promotions, advertising, physical handling, display, personal selling, servicing and fact finding & analysis and many more.

The Marketing Mix

When a marketing manager take marketing decisions they basically consider the 4Ps of marketing keeping in view internal & external shortcomings of marketing environment. The marketing decisions is taken by considering marketing mix decision and surrounding these decisions other vital marketing decisions are also taken.

These decisions includes:
  1. Product decisions
  2. Price decisions
  3. Place (Distribution) decisions
  4. Promotion decisions

Product decisions:
The product can be considered the "goods" that satisfies one or more consumer demands.
Product is related to tangible, physical products as well as services. There are certain decisions that are related to the product. like- 

Brand Name
Quality
Functionality
Warranty
Safety
Styling
Packaging
Accessories & services
Repairs & support

Price Decisions:

The price represents both the economic cost of producing a product or service and the value of a product or service and as perceived by the customers.

Marketing decisions include price decisions which are elements of the marketing mix in which different aspects of marketing communication occurs.

Following are some of the most important Marketing Decisions related to pricing.
Suggested retail price.
Pricing Strategy (penetration, skim etc)
Bundling
Seasonal pricing
Price discrimination
Cash & early payment discounts
Volume discounts & wholesale pricing
Place (Distribution) 
Decisions
Price flexibility

Distribution decisions:

Placement is also referred to as "distribution," and often refers to where a given product will be delivered. Marketing decisions include Distribution decisions which are elements of the marketing mix in which different aspects of marketing communication occurs.Following are some of the most important Marketing Decisions related to Distribution decisions.
Distribution channels
Market coverage (Exclusive, inclusive or selective distribution)
Specific channel members
Warehousing
Reverse 
logistics
Inventory management
Transportation
Order processing
Distribution centers

Promotion Decisions:

Promotion refers to the communication techniques that are used to bring the public’s attention to a given product or service.Marketing decisions include promotion decisions which are elements of the marketing mix in which different aspects of marketing communication occurs. The information about the product is communicated with an objective to produce positive customer response. Following are some of the important promotion decisions.
Promotional strategy (pull, push etc)
Advertising
Sales promotion
Personal selling & sales force
Marketing communication budget
Public relations & publicity

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